Insurance regulator IRDAI has constituted a taskforce to look at the implications of the Digital Personal Data Protection Act, 2023, for the insurance sector.
“The provisions of the Act would also have implications on the insurance sector as a whole,” the regulator mentioned in a word forming a part of the communication on formation of the taskforce. Heads of main life and common insurance firms, together with chairman of LIC, HDFC Life CEO and ICICI Lombard General Insurance CEO, in addition to General Insurance Corporation CMD would be the members together with officers of the Insurance Regulatory and Development Authority of India and a accomplice from a number one legislation agency.
The regulator has set a one-month deadline for the taskforce to submit the report.
The determination to study the implications comes within the backdrop of the Union Ministry of Law and Justice notifying the Digital Personal Data Protection Act (DPDP Act, 2023). In the order constituting the taskforce, IRDAI mentioned the Act goals for a complete framework for processing of digital private knowledge recognising the appropriate of people to defend their knowledge and the necessity to course of such private knowledge for lawful functions.
The Act covers numerous features, together with its utility, grounds for processing private knowledge, consent structure, common obligations of knowledge fiduciaries, proper to entry details about private knowledge and penalty for non compliance, IRDAI mentioned.
